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Revenue Cycle Management (RCM) systems within healthcare organizations are integrated to streamline billing, accelerate reimbursements, and reduce administrative burdens. Billing solutions are supposed to be just that: solutions.
However, according to Black Book Research, 70% of healthcare professionals report dissatisfaction with their RCM software or outsourcing partners, citing a lack of automation, inefficient claims processing, and revenue leakage.
Despite advancements in healthcare technology, many RCM systems lack essential automation features such as AI-driven claims processing, predictive analytics, and automated denial management.
An $8 Billion Problem—and Growing
The financial impact of inefficient RCM systems is staggering. In 2017, U.S. hospitals lost $1.7 billion annually due to poor-performing IT systems. By 2024, that number surged to $8 billion, fueled in part by revenue cycle inefficiencies (Black Book Market Research).
For many providers, the inability to optimize billing and collections means a direct hit to their bottom line. Finances are not the only consequences of an inefficient RCM system, but also:
- Slower reimbursement cycles: 79% of healthcare organizations report longer claim processing times and increased denial rates due to outdated, manual workflows.
- Higher administrative burdens: Staff members spend unnecessary hours manually correcting errors and resubmitting claims.
- Lost revenue opportunities: Without advanced automation, providers struggle with poor claims scrubbing, leading to preventable denials and revenue leakage.
What Needs to Change?
To reverse this downward financial trend due to outdated RCM systems, healthcare organizations must adapt and demand RCM solutions with advanced automation, AI-powered analytics, and integration with existing systems.
Despite the challenges in the medical office, countless healthcare IT leaders have no plans to replace their flawed systems in 2025. Financial constraints are holding practices back from actualizing their full financial capabilities, but delaying necessary upgrades only deepens the problem.
The future of healthcare revenue depends on efficiency—providers can’t afford to rely on outdated systems any longer. The time for change is now.
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FAQs
We've compiled some of the most common questions practices like yours ask about the IrisMed solutions. If you don't find the answers you're looking for here, please don't hesitate to contact us – we're always happy to discuss how IrisMed can specifically benefit your practice.
Do I have to change my practice management system or software to use IrisMed?
No. IrisMed is designed to be compatible with all major practice management systems. Our AI seamlessly integrates with your existing setup, requiring no disruptive changes to your current workflow. We also offer white-gloved implementation and support if needed.
How much does IrisMed cost?
IrisMed offers flexible pricing models tailored to the size and needs of your practice. Contact us for a customized quote based on your clinic’s volume and workflow requirements.
Will IrisMed replace my existing staff members?
IrisMed is designed to augment and empower your existing team, not replace them. By automating tedious billing tasks, IrisMed frees up your staff to focus on what matters most: providing exceptional patient care, increasing treatment plan acceptance, and growing your practice. If you have a current vacancy in a billing role, IrisMed can eliminate the need to fill that position.
My practice management system already has billing features. Why do I need IrisMed?
While your practice management system is crucial for daily operations, it likely lacks the sophisticated AI capabilities needed to automate your revenue cycle end-to-end. IrisMed complements your existing system, providing specialized AI-driven automation, intelligent claim scrubbing, payment posting, and denial management that can drive significant revenue increases. The two systems will work hand in hand to make your practice as efficient and profitable as possible.
How secure is my data with IrisMed?
We understand the importance of data security and patient privacy. IrisMed employs robust security measures, including encryption and strict access controls, to safeguard your sensitive information.
How do I get started with IrisMed?
Getting started is easy! Contact us today to schedule a personalized demo. We'll show you how IrisMed works, answer all your questions, and demonstrate how our AI-powered platform can transform your practice's revenue cycle.
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